Record the entry to close the expense accounts.

Record the entry to close the dividends account.

Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,500 36,500 27,500 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 2,500 25,000 37,500 8,500 3,500 54,500 19,500 12,500 9,500 7,500 $128,000 $128,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. 2. Calculate the ending balance of Retained Earnings. Retained earnings 3. Prepare a post-closing trial balance LAKER INCORPORATED Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Totals